Ownership structure

At 31/12/2021, the most significant Group shareholders that hold a stake, directly or indirectly in Iren, are represented in the graph below.


Iren shareholding structure (% of share capital)



At 31 December 2021, Iren share capital is represented by 1,300,931,377 ordinary shares, of which:

  • 673,261,476 ordinary shares with increased voting rights, conferring a total of 1,346,522,952 voting rights exclusively on the Shareholders’ Meeting resolutions subject to increased voting rights (Article 6-bis, paragraph 1 of the Articles of Association);
  • 627,669,901 ordinary shares without increased voting rights, conferring the equivalent number of voting rights on all Shareholders’ Meeting resolutions other than those subject to increased voting rights.

At 31 December 2021, the ordinary shares of Iren conferred by 93 Public Shareholders (Finanziaria Sviluppo Utilities, Finanziaria Città di Torino Holding, Metro Holding Torino, Emilian Shareholders and Shareholder of La Spezia) to a Shareholders’ Agreement aimed at guaranteeing unity and stability of direction, also through the use of the increased voting rights, are divided into:

  • 686,696,386 ordinary shares contributed to the Voting Syndicate representing an equivalent number of voting rights on all meeting resolutions other than those with increased voting rights and 1,340,415,436 voting rights with respect to meeting resolutions with increased voting rights;
  • 455,379,436 ordinary shares bound by the Block Syndicate representing 35% of Iren share capital, and their respective circulation is restricted.

In 2021, Iren shareholding structure was affected by the sale of share capital holdings (1,150,000 shares) by public shareholders. In addition, the number of voting rights conferred on the Shareholders’ Agreement has changed as a result of the granting of increased voting rights to 32,750,000 shares held by Finanziaria Sviluppo Utilities (as of 1 March 2021), 158,492 shares held by a Municipality in La Spezia (as of 1 June 2021) and 387,000 shares held by the Municipality of Piacenza (as of 1 December 2021).

On 21 May 2021, Società per la Trasformazione del territorio Holding (STT Holding) joined the Shareholders’ Agreement, contributing 15,341,000 ordinary shares, of which 10,000,000 to the Block Syndicate, and the company Metro Holding Torino, which contributed 32,500,000 ordinary shares, of which 6,500,000 to the Block Syndicate. On the same date, the Municipality of Parma contributed an additional 1,534,179 shares to the Block Syndicate and Parma Infrastrutture contributed 6,500,000 ordinary shares to the Block Syndicate.

As part of the share buyback program resolved by the Shareholders’ Meeting, in 2021, Iren purchased a stake equal to 0.15% of the share capital, arriving at holding treasury shares equal to 1.37% of the share capital at 31 December 2021.

Retail shareholders hold slightly more than 5% of the share capital, while the remainder is held by about 300 institutional investors.